KPMG files for $1 billion IPO

CBS.MarketWatch.com

NEW YORK (CBS.MW) -- Venerable consulting firm KPMG filed Friday to raise a whopping $1 billion in an initial public offering.

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One of the world?s largest consulting firms, the Charlotte, N.C., company is positioning itself as a specialist in the Internet, systems integration and e-business categories as it takes itself public. Cisco Systems
CSCO, -0.25%
has a hefty stake in the IPO.

In documents filed with the Securities and Exchange Commission, the company said it rang up $2 billion in revenue and $28.3 million in net profit in fiscal 1999.

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